Working Capital – Last Jeudi http://lastjeudi.org/ Tue, 17 May 2022 14:55:19 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://lastjeudi.org/wp-content/uploads/2021/03/cropped-icon-1-32x32.png Working Capital – Last Jeudi http://lastjeudi.org/ 32 32 South African retailer Pick n Pay will cut costs by $187 million in three years https://lastjeudi.org/south-african-retailer-pick-n-pay-will-cut-costs-by-187-million-in-three-years/ Tue, 17 May 2022 14:12:00 +0000 https://lastjeudi.org/south-african-retailer-pick-n-pay-will-cut-costs-by-187-million-in-three-years/ Workers repair the logo of South African retailer Pick n Pay in Johannesburg, South Africa April 19, 2018. REUTERS/Siphiwe Sibeko Join now for FREE unlimited access to Reuters.com Register Aims to increase market share by 3% over the next 3 years – CEO Plans “aggressive” rollout of discount grocery chain Boxer Signature of an agreement […]]]>

Workers repair the logo of South African retailer Pick n Pay in Johannesburg, South Africa April 19, 2018. REUTERS/Siphiwe Sibeko

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  • Aims to increase market share by 3% over the next 3 years – CEO
  • Plans “aggressive” rollout of discount grocery chain Boxer
  • Signature of an agreement with the e-commerce group Takealot
  • The retailer saw a 14.5% rise in annual revenue

JOHANNESBURG, May 17 (Reuters) – South African grocery and clothing retailer Pick n Pay (PIKJ.J) aims to cut costs by 3 billion rand ($187 million) over the next three years and to grow its market share by 3% as part of a new strategy, CEO Pieter Boone said on Tuesday.

One of the nation’s largest retail chains is seeking to improve shareholder returns, which have fallen over the past 12 months in a highly competitive grocery market dominated by biggest rival Shoprite (SHPJ.J).

Cost savings will be achieved through efficiencies in supply chain and working capital, a leaner help desk, leveraging technology to reduce costs, and simplifying store operations , said group chief financial officer Lerena Olivier after Pick n Pay reported an increase in annual profits earlier.

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The group is also looking to entice more customers to shop at its Boxer discount grocery chains and midscale Pick n Pay stores in a highly competitive grocery market.

It will do this by rolling out 200 Boxer stores and refining its product lines in its Pick n Pay channel to better serve affluent customers and low-to-middle income customers through two different Pick n Pay brands instead of one. Boone told investors. .

“We’ve tried to be everything to everyone and as a result we end up losing relevance and differentiation,” Boone said, referring to the challenges of serving all customer groups from one brand. .

MARKET SHARE

The retailer also aims to attract more customers online through continued investment in its e-commerce business, which will result in eight-fold sales growth by its fiscal year 2026, it said.

Other initiatives will see Pick n Pay drive group revenue growth at a compound annual rate of 10%, resulting in market share growth of at least 3% by 2026. It also pledged to increase its pre-tax profit margin to more than 3% by 2026 from 2% currently and double Boxer sales, he added.

The formal food and grocery market in South Africa is expected to grow by R227 billion ($14 billion) to reach R855 billion by 2026, with most of the growth coming from the less affluent incomes, Boone said.

“Today we have 16% overall market share in the formal market. Opportunity is everywhere, but especially in the less wealthy part of the market,” he said.

Its growth initiatives will be supported by a capital investment of 3.5 billion rand for the 2023 financial year. Capital expenditure will remain around this level in the medium term, Olivier said.

The group had previously reported overall earnings per share, the main measure of earnings in South Africa, of 262.59 cents for the year ended February 27, compared with 229.31 cents for the previous comparable period.

Pick n Pay, with a nationwide footprint of more than 1,900 stores, also announced a commercial agreement with Naspers-owned e-commerce giant Takealot (NPNJn.J), which will allow its customers to purchase its products from groceries and liquor with food delivery from Takeaalot, Mr D app. This will be launched in August.

($1 = R16.0011)

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Reporting by Nqobile Dludla; Editing by Subhranshu Sahu and Emelia Sithole-Matarise

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Heartland BancCorp (OTCMKTS:HLAN) Short Interest Down 50.0% in April https://lastjeudi.org/heartland-banccorp-otcmktshlan-short-interest-down-50-0-in-april/ Sun, 15 May 2022 22:07:06 +0000 https://lastjeudi.org/heartland-banccorp-otcmktshlan-short-interest-down-50-0-in-april/ Heartland BancCorp (OTCMKTS: HLAN – Get Rating) benefited from a significant drop in short interest during the month of April. As of April 30, there was short interest totaling 100 shares, down 50.0% from April 15’s total of 200 shares. Based on an average trading volume of 500 shares, the day-to-cover ratio is currently 0.2 […]]]>

Heartland BancCorp (OTCMKTS: HLAN – Get Rating) benefited from a significant drop in short interest during the month of April. As of April 30, there was short interest totaling 100 shares, down 50.0% from April 15’s total of 200 shares. Based on an average trading volume of 500 shares, the day-to-cover ratio is currently 0.2 days.

A number of analysts have commented on HLAN shares. DA Davidson reiterated a “buy” rating on Heartland BancCorp stock in a Wednesday, Jan. 26 research note. Zacks Investment Research upgraded shares of Heartland BancCorp from a “hold” rating to a “buy” rating and set a target price of $103.00 for the company in a Wednesday, March 30 research note.

Shares of OTCMKTS HLAN traded at $3.90 at midday on Friday, hitting $93.90. 137 shares of the company were traded, against an average volume of 303. The company’s 50-day simple moving average is $91.74 and its 200-day simple moving average is $91.76. Heartland BancCorp has a 12-month low of $87.00 and a 12-month high of $95.00.

Heartland BancCorp (OTCMKTS:HLAN – Get Rating) last reported results on Tuesday, April 19. The bank reported earnings per share (EPS) of $1.99 for the quarter, beating analyst consensus estimates of $1.84 by $0.15. As a group, analysts predict Heartland BancCorp will post 7.81 EPS for the current fiscal year.

The company also recently declared a dividend, which was paid on Sunday, April 10. Investors of record on Friday, March 25 received a dividend of $0.69 per share. This represents a return of 3.07%. This is a positive change from Heartland BancCorp’s previous dividend of $0.63. The ex-dividend date was Thursday, March 24. Heartland BancCorp’s dividend payout ratio (DPR) is currently 31.12%.

About Heartland BancCorp (Get a rating)

Heartland BancCorp operates as a bank holding company for Heartland Bank which provides various banking and financial services to individuals and businesses. The company offers personal and business checking and savings accounts. It also offers various lending solutions including home mortgages; personal loans, such as home loans and unsecured personal loans, as well as loans for automobiles, boats, motorcycles, motor sports vehicles, recreational vehicles and trailers; commercial and residential real estate loans, construction loans, small business administration loans and working capital lines of credit and equipment financing; equity loans; financial solutions for various markets; and lending solutions for agribusiness.

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Review of Lifestore Financial Group (OTCMKTS: LSFG) and Capital One Financial (NYSE: COF) https://lastjeudi.org/review-of-lifestore-financial-group-otcmkts-lsfg-and-capital-one-financial-nyse-cof/ Sat, 14 May 2022 05:15:38 +0000 https://lastjeudi.org/review-of-lifestore-financial-group-otcmkts-lsfg-and-capital-one-financial-nyse-cof/ Lifestore Financial Group (OTCMKTS:LSFG ​​- Get Rating) and Capital One Financial (NYSE:COF – Get Rating) are both finance companies, but which stock is superior? We’ll compare the two companies based on the strength of their institutional ownership, earnings, valuation, analyst recommendations, dividends, profitability and risk. Dividends Lifestore Financial Group pays an annual dividend of $0.40 […]]]>

Lifestore Financial Group (OTCMKTS:LSFG ​​- Get Rating) and Capital One Financial (NYSE:COF – Get Rating) are both finance companies, but which stock is superior? We’ll compare the two companies based on the strength of their institutional ownership, earnings, valuation, analyst recommendations, dividends, profitability and risk.

Dividends

Lifestore Financial Group pays an annual dividend of $0.40 per share and has a dividend yield of 0.8%. Capital One Financial pays an annual dividend of $2.40 per share and has a dividend yield of 2.1%. Capital One Financial pays 9.4% of its profits as a dividend. Capital One Financial has increased its dividend for 1 consecutive years. Capital One Financial is clearly the better dividend-paying stock, given its higher yield and longer track record of dividend growth.

Analyst Recommendations

This is a breakdown of recent recommendations and price targets for Lifestore Financial Group and Capital One Financial, as provided by MarketBeat.

Sales Ratings Hold odds Buy reviews Strong buy odds Rating
Lifestore Financial Group 0 0 0 0 N / A
Capital One Financial 1 7 13 0 2.57

Capital One Financial has a consensus price target of $169.23, indicating a potential upside of 45.31%. Given Capital One Financial’s likely higher upside, analysts clearly believe that Capital One Financial is more favorable than Lifestore Financial Group.

Risk and Volatility

Lifestore Financial Group has a beta of 0.93, indicating that its stock price is 7% less volatile than the S&P 500. In comparison, Capital One Financial has a beta of 1.44, indicating that its stock price is its stock is 44% more volatile than the S&P 500.

Valuation and benefits

This table compares the revenue, earnings per share (EPS), and valuation of Lifestore Financial Group and Capital One Financial.

Gross revenue Price/sales ratio Net revenue Earnings per share Price/earnings ratio
Lifestore Financial Group N / A N / A N / A N / A N / A
Capital One Financial $32.03 billion 1.50 $12.39 billion $25.43 4.58

Capital One Financial has higher revenue and profit than Lifestore Financial Group.

Profitability

This table compares the net margins, return on equity and return on assets of Lifestore Financial Group and Capital One Financial.

Net margins Return on equity return on assets
Lifestore Financial Group N / A N / A N / A
Capital One Financial 34.71% 18.66% 2.67%

Insider and Institutional Ownership

89.3% of Capital One Financial shares are held by institutional investors. 12.2% of Lifestore Financial Group shares are held by insiders. By comparison, 1.3% of Capital One Financial shares are held by insiders. Strong institutional ownership indicates that hedge funds, large fund managers, and endowments believe a company will outperform the market over the long term.

Summary

Capital One Financial beats Lifestore Financial Group on 10 out of 12 factors compared between the two stocks.

Lifestore Financial Group Company Profile (Get an assessment)

LifeStore Financial Group, Inc. operates as a federally chartered savings holding company for LifeStore Bank which provides personal and professional banking products and services in North Carolina. The company offers checking, savings and money market accounts, as well as certificates of deposit; mortgages, auto loans, home equity lines of credit, commercial real estate loans, commercial construction loans, investment real estate loans, equipment loans, fund loans/lines of credit working capital and small business administration loans; and credit cards. It also provides insurance agency products and services; investment and cash management services; and online and mobile banking. The company was formerly known as AF Financial Group and changed its name to LifeStore Financial Group, Inc. in September 2009. LifeStore Financial Group, Inc. was founded in 1939 and is headquartered in West Jefferson, Carolina North. Lifestore Financial Group, Inc. is a subsidiary of AsheCo MHC, Inc.

Capital One Financial Company Profile (Get an evaluation)

Capital One financial logoCapital One Financial Corporation operates as the financial services holding company for Capital One Bank (USA), National Association; and Capital One, National Association, which provides various financial products and services in the United States, Canada and the United Kingdom. It operates through three segments: Credit Cards, Consumer Banking and Business Banking. The company accepts checking accounts, money market deposits, negotiable withdrawal orders, savings deposits and term deposits. Its lending products include credit card loans; automotive and retail banking loans; and commercial and multifamily real estate, and commercial and industrial loans. The company also offers credit and debit card products; online direct banking services; and cash management and custody services. It serves consumers, small businesses and commercial customers through digital channels, branches, cafes and other distribution channels located in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and California. Capital One Financial Corporation was founded in 1988 and is headquartered in McLean, Virginia.



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Troob Capital Management Announces $209 Million Closing of Its Second Tactical Opportunities Fund https://lastjeudi.org/troob-capital-management-announces-209-million-closing-of-its-second-tactical-opportunities-fund/ Thu, 12 May 2022 14:28:00 +0000 https://lastjeudi.org/troob-capital-management-announces-209-million-closing-of-its-second-tactical-opportunities-fund/ TCM Tactical Opportunities Fund II will deploy flexible capital solutions for companies in underserved markets that solve liquidity needs up to $20 million WHITE PLAINS, NY, May 12, 2022 /PRNewswire/ — Troob Capital Management LLC (“TCM” or the “Company”), a leading private investment firm specializing in providing capital solutions to entities in underserved market segments, […]]]>

TCM Tactical Opportunities Fund II will deploy flexible capital solutions for companies in underserved markets that solve liquidity needs up to $20 million

WHITE PLAINS, NY, May 12, 2022 /PRNewswire/ — Troob Capital Management LLC (“TCM” or the “Company”), a leading private investment firm specializing in providing capital solutions to entities in underserved market segments, announced today today the closing of its TCM Tactical Opportunities (“TCM Tac Opps”) Fund II LP at $209 million.

TCM Tac Opps Fund II is one of the few private equity funds that offers an unconstrained approach to providing access to debt or equity capital to companies with liquidity needs of up to $20 million. Fund II builds on its first fund which closed in 2019 and has since researched and executed a wide range of differentiated opportunities based on an investment mandate designed to listen to business needs and provide flexible, tailored solutions to help them achieve their business goals.

TCM’s core investment team have worked together for almost 20 years and have extensive experience in alternative investments, investment banking, distressed investing and commercial operations. The team’s deep and extensive industry and geographic expertise continues to provide TCM with a solid foundation and platform to find and capitalize on a steady stream of investment opportunities coming directly from the business.

“There is a huge imbalance between supply and demand in the market for capital needs up to $20 million,” mentioned Stone Troob, co-founder, Troob Capital Management. “While larger private equity and private credit deals tend to attract more attention, smaller businesses increasingly need capital from reliable and credible investment partners who operate with integrity and transparency. We are well positioned to meet this demand and look forward to deploying capital to a wide range of distinct investment opportunities.”

Douglas Troobco-founder of Troob Capital Management, added: “Institutional investors, family offices and high net worth individuals continue to express a strong appetite for access to established and proven private investment platforms that offer investment talent. exceptional investments, disciplined investment approaches and tailored risks. /return solutions. We appreciate the support we have received from our investors and are grateful for their continued commitment to TCM. »

TCM Tac Opps Fund II will focus on deploying capital across existing and new platforms with trusted partners that enable replicable and scalable investments. These include shorter duration specialized and structured finance and cash flow assets such as working capital and secured finance facilities, as well as private equity finance ranging from private debt and equity and real estate development to claims and commercial disputes.

About Troob Capital Management LLC

Troob Capital Management LLC and its affiliates (“TCM”) is an RIA founded by Douglas and Peter Troob in 2002. The company manages investment funds pursuing a tactical strategy of opportunities. TCM has developed expertise in structuring investments across the entire capital structure within multiple asset classes. The founders of TCM have over 50 years of combined investment management and financial industry experience and have built an institutional-grade organizational infrastructure with a core team that has worked together for nearly 20 years. For more information, please visit www.troobcapital.com or contact Kathy O’Donnell to [email protected].

SOURCE Troob Capital Management LLC

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“India is one of the few…”: what Nithin Kamath said about this important regulatory change https://lastjeudi.org/india-is-one-of-the-few-what-nithin-kamath-said-about-this-important-regulatory-change/ Thu, 05 May 2022 02:21:55 +0000 https://lastjeudi.org/india-is-one-of-the-few-what-nithin-kamath-said-about-this-important-regulatory-change/ Zerodha Founder and CEO Nithin Kamath took to Twitter on Tuesday to share the impact of new regulations on the separation of customer collateral by the Securities and Exchange Board of India (SEBI) regulations and its impact on the brokerage industry. Nithin Kamath on Twitter shared that “from May 2, brokers must segregate collateral at […]]]>

Zerodha Founder and CEO Nithin Kamath took to Twitter on Tuesday to share the impact of new regulations on the separation of customer collateral by the Securities and Exchange Board of India (SEBI) regulations and its impact on the brokerage industry.

Nithin Kamath on Twitter shared that “from May 2, brokers must segregate collateral at the client level. Thus, funds from one client cannot be used to fund another. This is an important regulatory change that makes our markets even safer. India is one of the few in the world to have this.”

Following this regulation, “the broker’s capital will be blocked if he allows clients to sell shares without any funds in the account, use sales credit to trade further, use 100% of funds, etc. Essentially increasing the working capital requirement of the brokerage firm,” Kamath explained.

However, he did notify that “nothing changes @zerodhaonline, but it may post-July 31st in brokerage firms that are not well capitalized relative to the size of their business. We are currently in a 3 month transition period. months towards the new regulations where there are no penalties.”

Meanwhile, market regulator Sebi on Monday asked stock exchanges and other market infrastructure institutions (MIIs) to submit information related to outstanding major non-compliances observed in the audit of systems and networks.

The Systems and Networks Audit Report will be filed with the relevant IRM Board. Later, the report along with the IRM management’s comments should be submitted to the Sebi within a month of the completion of the audit, according to a circular.

Given the rapid technological developments in the securities market and the risks these developments pose to the efficiency and integrity of the markets, Sebi in January 2020 had mandated that exchanges, clearing houses and depositories carry out an annual audit of the system by a reputable independent auditor.

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BROOKLINE CAPITAL ACQUISITION CORP. : Creation of Direct Financial Obligation or Obligation Under Off-Balance Sheet Arrangement of Registrant, Unregistered Sale of Equity Securities, Other Events, Financial Statements and Exhibits (Form 8-K) https://lastjeudi.org/brookline-capital-acquisition-corp-creation-of-direct-financial-obligation-or-obligation-under-off-balance-sheet-arrangement-of-registrant-unregistered-sale-of-equity-securities-other-events-fi/ Tue, 03 May 2022 10:02:04 +0000 https://lastjeudi.org/brookline-capital-acquisition-corp-creation-of-direct-financial-obligation-or-obligation-under-off-balance-sheet-arrangement-of-registrant-unregistered-sale-of-equity-securities-other-events-fi/ Item 2.03 Creation of a Direct Financial Obligation or an Obligation under a Off-balance sheet arrangement of a registrant. On May 2, 2022, Brookline Capital Acquisition Corp.a Delaware company (the “Company”), has issued an unsecured non-convertible promissory note (the “Extension Note”) in the principal amount of $167,032.54 for Brookline Capital Holdings, LLCa Delaware limited liability […]]]>

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under a

Off-balance sheet arrangement of a registrant.

On May 2, 2022, Brookline Capital Acquisition Corp.a Delaware company (the “Company”), has issued an unsecured non-convertible promissory note (the “Extension Note”) in the principal amount of $167,032.54 for Brookline Capital Holdings, LLCa Delaware limited liability company (the “Sponsor”). The Limited Partner has deposited these funds in the Company’s trust account (the “Trust Account”), as described in the prospectus filed by the Company in connection with the Company’s initial public offering. The Extension Note has been issued in connection with the approval of the Amendment to the Amended and Restated Certificate of Incorporation of the Company and the extension (the “Extension”) of the date on which the Company must complete a business combination transaction from May 2, 2022 (the date which is 15 months from the closing date of the initial public offering of the Company’s shares) on a monthly basis until November 2, 2022 and constitutes the first monthly contribution, as previously disclosed in the company’s current report on Form 8-K, as filed with the Securities and Exchange Commission on
April 26, 2022.

On May 2, 2022the Company has also issued an additional unsecured convertible promissory note (the “Rollover Note”) in an aggregate principal amount of $424,770.00 to the Godfather. The working capital note has been issued to provide the company with additional working capital during the extension and will not be deposited in the trust account. The company issued the working capital note in return for a loan from the sponsor to fund the working capital requirements of the company. The working capital note is convertible at the option of the limited partner upon completion of our initial business combination. Upon such election, the Convertible Note will be converted, at the price of $10.00 per unit, in units identical to the private placement units issued as part of the Company’s initial public offering.

The Extension Note and the Working Capital Note bear no interest and are repayable in full upon completion of the business combination previously announced by the Company and disclosed in its current report on Form 8-K as filed with the
Security and Exchange Commission on March 18, 2022except that the working capital note may be converted, at our limited partner’s sole option, into units of BCAC upon the completion of the business combination previously announced by the company.

A copy of each of the Extension Note and the Working Capital Note are attached as Exhibits 10.1 and 10.2, respectively, to this current Report on Form 8-K and are incorporated herein by reference. The disclosure as set forth in this Section 2.03 is intended to be a summary only and is fully qualified by reference to each such note.

Item 3.02 Unrecorded Sales of Equity securities.

The information set forth in Section 2.03 of this Current Report on Form 8-K is incorporated by reference into this Section 3.02. A total of 42,477 private placement units of the Company would be issued if the entire principal balance of the working capital note were converted. The warrants forming part of the Units would be exercisable, subject to the terms and conditions of the warrant and during the exercise period provided for in the warrant agreement governing the warrants. The Company relied on Section 4(a)(2) of the Securities Act of 1933, as amended, in connection with the issuance and sale of the convertible promissory note, as it was issued at a sophisticated investor with no view to distribution, and has not been issued by way of general solicitation or advertisement.

Section 8.01 Other Events.

A copy of the press release issued by the Company announcing the extension of the time for the Company to complete its proposed transaction is attached as Exhibit 99.1 to this Current Report on Form 8-K.

————————————————– ——————————

Item 9.01 Financial statements and supporting documents.



(d) Exhibits:

Exhibit     Description

10.1          Promissory Note dated May 2, 2022 issued in favor of Brookline
            Capital Holdings, LLC

10.2          Promissory Note dated May 2, 2022 issued in favor of Brookline
            Capital Holdings, LLC

99.1          Press release dated May 2, 2022

104         Cover Page Interactive Data File (embedded within the Inline XBRL
            document).

————————————————– ——————————

© Edgar Online, source Previews

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Maruti’s desire to be spoiled by higher costs https://lastjeudi.org/marutis-desire-to-be-spoiled-by-higher-costs/ Sun, 01 May 2022 18:26:05 +0000 https://lastjeudi.org/marutis-desire-to-be-spoiled-by-higher-costs/ Maruti Suzuki India Ltd started FY23 on a boring note. Sales volumes in April fell 6% year-on-year (yoy), which was worse than expected. The semiconductor shortage, due to which the automaker was unable to produce about 270,000 units in FY22, would have a slight impact on production in FY23, the company said. company during the […]]]>

Maruti Suzuki India Ltd started FY23 on a boring note. Sales volumes in April fell 6% year-on-year (yoy), which was worse than expected.

The semiconductor shortage, due to which the automaker was unable to produce about 270,000 units in FY22, would have a slight impact on production in FY23, the company said. company during the March quarter earnings call (Q4FY22). Lower production, low margin (at 6.5%) and higher working capital resulted in negative free cash flow in FY22.

Show full picture

Accelerated mode

However, demand is healthy, as evidenced by the current backlog of over 320,000 units, an increase from 268,000 units at the end of the fourth quarter. It also reflects to some extent underproduction due to supply constraints.

“Despite rising vehicle and fuel prices driving up the cost of ownership, we see a low risk of deterioration in passenger vehicle (PV) demand. Historically, demand has shown a much higher correlation with gross domestic product growth than with cost of ownership,” Jefferies India analysts said in an April 29 report.

Maruti’s fourth-quarter standalone revenue increased 11% year-on-year to 26,740 crore, due to price increases and lower discounts as volumes declined 0.7% year-on-year. Better operating leverage led to a year-on-year and sequential increase in Ebitda margin of 79 basis points (bps) and 237 bps respectively to 9.1%, beating Bloomberg’s estimate of 8.2 %. One basis point equals 0.01%. Stable commodity prices also contributed to the sequential margin increase.

It remains to be seen whether margins can stay at these levels given the cost pressures. “Exports have supported Maruti Suzuki’s margins and as such, increasing export share would be key going forward,” said Varun Baxi, analyst at Nirmal Bang Equities. Maruti’s exports in FY22 were 14% of total volumes, compared to 7% in FY21. The company’s total volume was 1,652,653 units in FY22.

Maruti expects costs to rise in Q1FY23. Management noted that precious metal prices are cooling but steel price concerns remain.

Against this backdrop, margins are expected to fall in the first half of FY23, followed by a recovery in the second half of FY23.

Meanwhile, higher fuel prices have led to a growing preference for compressed natural gas (CNG) vehicles. Up to 40% of pending orders are for CNG vehicles.

Maruti shares are trading at 23.9 times its estimated FY24 earnings, which is inexpensive relative to its growth potential, said Aniket Mhatre, institutional research analyst, HDFC Securities. Admittedly, the loss of market share in the PV segment is worrying. “The company is likely to regain its previous market share of 50% in PV, up from 44% currently, thanks to a strong product pipeline that would help revalue the stock,” Mhatre said.

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Harbor Diversified Stocks: Trading at a Deep Discount (OTCMKTS: HRBR) https://lastjeudi.org/harbor-diversified-stocks-trading-at-a-deep-discount-otcmkts-hrbr/ Sat, 30 Apr 2022 01:57:00 +0000 https://lastjeudi.org/harbor-diversified-stocks-trading-at-a-deep-discount-otcmkts-hrbr/ GordZam/iStock Editorial via Getty Images The following segment is taken from this fund letter. Diversified Port (OTCPK:HRBR) We’ve added a new special situation to our collection: Diversified Port. Harbor is a holding company for Wisconsin Airlines. Usually I have little interest in airlines of all kinds, but Harbor Diversified is a special case. At around […]]]>

GordZam/iStock Editorial via Getty Images

The following segment is taken from this fund letter.


Diversified Port (OTCPK:HRBR)

We’ve added a new special situation to our collection: Diversified Port.

Harbor is a holding company for Wisconsin Airlines. Usually I have little interest in airlines of all kinds, but Harbor Diversified is a special case. At around $2.40 per share, Harbor is trading at a steep discount to liquidation value.

Harbor is trading so cheap because Air Wisconsin’s capacity deal with United Airlines expires in February 2023 and United has refused to renew the contract on the same terms. Air Wisconsin is in talks with United and other airlines on a new contract, but chances are a contract won’t be secured and Air Wisconsin’s fleet will be grounded next February. But even in the event that Air Wisconsin fails to secure a new contract, Harbor’s remaining working capital, fleet and revenues are worth far more than the sale price of the company.

At the end of the year, the company had more than $2 per share in cash, securities and interest-bearing receivables, net of debt, all future lease payments and stock liquidation preference. privileged. Air Wisconsin will produce nearly $90 million in pretax cash flow over the life of its remaining contract. And then there is the fleet itself. Air Wisconsin owns 64 Bombardier CRJ200s. These planes are old and the CRJ200 itself isn’t exactly a popular jet, but they’re worth it Something. Even at $250,000 each, less than 15% of book value, that’s $16 million or 25 cents per share.

I expect that within the year Harbor Diversified will either announce a new contract for Air Wisconsin or begin preparations for an orderly liquidation. In a liquidation scenario, stocks are worth north of $3. If a new contract is secured, their value could be significantly higher as investors begin to value the company as a going concern instead of a history of liquidation.

For its part, Air Wisconsin seems optimistic about obtaining a new contract. The company is very active on the hiring front, looking for pilots, flight attendants and mechanics; not exactly the behavior of an airline expecting to shut down permanently in 10 months.


Editor’s note: The summary bullet points for this article were chosen by the Seeking Alpha editors.

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Hamilton Beach Brands: An attractive way to play in the small appliance market (NYSE: HBB) https://lastjeudi.org/hamilton-beach-brands-an-attractive-way-to-play-in-the-small-appliance-market-nyse-hbb/ Mon, 25 Apr 2022 02:26:00 +0000 https://lastjeudi.org/hamilton-beach-brands-an-attractive-way-to-play-in-the-small-appliance-market-nyse-hbb/ Caziopeia/E+ via Getty Images Buying into a company that produces and sells home appliances and selects commercial products may not seem like an exciting prospect. However, some companies in the space are trading at low levels and have a track record of attractive liquidity. flows. One such company to consider is Hamilton Beach Marks (NYSE: […]]]>

Caziopeia/E+ via Getty Images

Buying into a company that produces and sells home appliances and selects commercial products may not seem like an exciting prospect. However, some companies in the space are trading at low levels and have a track record of attractive liquidity. flows. One such company to consider is Hamilton Beach Marks (NYSE: HBB). Despite some volatility in its turnover and results in recent years, the overall situation of the company is positive. Although the economy as a whole is affected by inflation, management believes that the overall fundamentals for the business remain strong. Overall, this leads to an attractive, value-oriented outlook that investors should pay close attention to.

A little game about appliances

According to the management team of Hamilton Beach Brands, the company acts as a producer and seller of small appliances and specialty household items. Besides that, it also sells commercial products for restaurants, fast food chains, bars, and hotels. Examples of these products include coffee makers, toasters, blenders, ovens, juicers and more. In addition to owning its own brands, the company also licenses other players’ brands. A good example is Clorox (CLX). For this particular line, the company sells air purifiers. It also sells purifiers under the TrueAir brand and sells a wide variety of branded personal care products under Brightline. These are just a few of the company’s many different brand lines. Another important thing to note is the company’s sales concentration. Its largest client, in its 2021 fiscal year, was walmart (WMT). It accounted for 28% of the company’s sales that year. A close second was Amazon (AMZN), which accounted for 22% of sales. In total, the company’s five largest customers accounted for 61% of revenue last year.

Historical financial data

Author – SEC EDGAR Data

Over the past five years, Hamilton Beach Brands has experienced some volatility in sales. For example, from 2017 to 2018, revenues went from $612.2 million to $629.7 million. Over the next two years, sales plummeted, eventually falling to $603.7 million. The good news for investors, however, is that 2021 saw a nice rebound, with revenue of $658.4 million. Of the sales increase recorded from 2020 to 2021, $37.1 million was attributed to unit volume and product mix. The company benefited by an amount of $4.8 million due to foreign currency fluctuations. Meanwhile, average selling price increases added another $12.8 million to its revenue. For fiscal year 2022, management did not provide detailed guidance. However, they expect “moderate” revenue growth compared to 2021. This should occur despite weak sales in the first half of 2022 compared to the same period last year.

When it comes to its results, the picture has also been volatile. After seeing that revenue grow from $17.9 million in 2017 to $21.8 million in 2018, the company then generated a net loss of $13.5 million in 2019. That was short lived, however. duration, with profits totaling $46.3 million in 2020, then declining to $21.3 million. in 2021. Cash flow from operations has been equally volatile. Over the past five years, this metric has ranged from a low of minus $27.9 million to a high of $28.3 million. It should be noted that from 2017 to 2020, operating cash flow deteriorated year after year. Then, last year, it turned positive at $17.9 million. If we adjust for changes in working capital, the picture was much more consistent. Cash flow ranged from a low of $24 million in 2019 to a high of $41.1 million a year earlier. In 2021, this measure amounted to $32.6 million. This is what the business generated in 2020. And finally, we have EBITDA. Like adjusted cash flow from operations, EBITDA has moved in a fairly narrow range between $33.6 million and $46.1 million over the past five years. Last year was the high point, with the company generating $37.5 million in EBITDA. Management refrained from giving specific guidance for 2022. But it said it expects operating profit to be slightly higher than the company’s last year.

Trading multiples

Author – SEC EDGAR Data

Given the data we currently have, it is not difficult to price the company. Using the price/earnings approach, for example, and drawing on data from the company’s fiscal year 2021, we can calculate that it is trading at a multiple of 6.9. The price of adjusted operating cash flow multiple is even lower at 4.5. And finally, the EV/EBITDA multiple is 6.5. In absolute terms, all of these numbers are low. So low, in fact, that Hamilton Beach Brands should be considered a highly desirable prospect if its fundamental situation continues. Now, as part of my analysis, I decided to compare the company to five similar companies. On a price-earnings basis, these companies ranged from a low of 8.4 to a high of 46.9. On a price/adjusted operating cash flow basis, the range was 15.6 to 86, with one of the five companies not having a positive result. If this statement is true for the EV to EBITDA approach, the range for companies that had a positive reading was 12 to 34.1. In all three scenarios, Hamilton Beach Brands was the least expensive of the bunch.

Company Prizes / Earnings Price / Operating Cash EV / EBITDA
Hamilton Beach Marks 6.9 4.5 6.5
Viomi Technology (VIOT) 8.4 N / A N / A
iRobot (IRBT) 46.9 43.4 34.1
Cricut (CRCT) 19.9 84.9 12.2
Helen of Troy (HELE) 24.7 86.0 19.2
Presto National Industries (NPK) 21.1 15.6 12.0

Take away

Based on the data provided, it seems to me that Hamilton Beach Brands is an incredibly inexpensive business capable of generating attractive cash flow over a period of time. Admittedly, the company’s fundamentals are volatile from year to year. But the overall picture is appealing. Couple that with the aforementioned low stock price, and investors would be wise to consider the company before passing it on.

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North Central Massachusetts Development Corporation Approves Funding for RA Aldrich Trucking of Fitchburg https://lastjeudi.org/north-central-massachusetts-development-corporation-approves-funding-for-ra-aldrich-trucking-of-fitchburg/ Sat, 23 Apr 2022 09:05:15 +0000 https://lastjeudi.org/north-central-massachusetts-development-corporation-approves-funding-for-ra-aldrich-trucking-of-fitchburg/ FITCHBURG – The North Central Massachusetts Development Corp., the economic development arm of the North Central Massachusetts Chamber of Commerce, recently approved a $44,000 loan to RA Aldrich Trucking in Fitchburg to help purchase a 2020 Peterbilt Model 389 tractor to replace the current truck that the Development Corp. funded a few years ago. “When […]]]>

FITCHBURG – The North Central Massachusetts Development Corp., the economic development arm of the North Central Massachusetts Chamber of Commerce, recently approved a $44,000 loan to RA Aldrich Trucking in Fitchburg to help purchase a 2020 Peterbilt Model 389 tractor to replace the current truck that the Development Corp. funded a few years ago.

“When I started my business three years ago, I applied for a loan to facilitate the purchase of my first truck to make oil deliveries,” said Rafael Aldrich, owner of RA Aldrich Trucking. “With financial assistance and support from the North Central Massachusetts Development Corporation, I was able to update my equipment and continue to grow my business.”

As a microcredit lender, the Development Corp. can provide small business loans up to $250,000 for working capital, real estate, equipment, inventory, expansion and work with our banking partners to provide gap financing for the last part of a project.

For more information about Development Corp. loan programs, people can call 978-353-7607 or visit NorthCentralMass.com or ChooseNorthCentral.com.

The North Central Massachusetts Development Corp. is a non-profit economic development corporation whose mission is to create jobs and improve the economy. He is certified by the United States Small Business Administration and the United States Department of the Treasury under the Community Development Financial Institutions program. Since 1996, it has provided over $20,000,000 in small business loans to help create jobs and improve the region’s economy.

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